Volkswagen Increases Production Target For Electric Cars
Zacks Investment Research | Dec 29, 2019 10:24PM ET
Volkswagen (DE:VOWG_p) AG (OTC:VWAGY) announced that it will reach its target of 1 million electric cars by the end of 2023, which is 2 years earlier than anticipated. As a result, the company significantly raised its electric car production target for 2025. It now anticipates producing 1.5 million electric cars by 2025.
Per management, the latest production forecast demonstrates that people want climate-friendly individual mobility.
In September, the company unveiled its all-electric ID.3 model. ID.3 is based on Volkswagen’s Modular Electric Drive Toolkit (MEB) and its basic version’s costs are anticipated to be less than €30,000. More than 37,000 customers have booked ID.3 and paid a pre-booking deposit.
In November, the company started production of the ID.3 model at its Zwickau plant. It expects to produce up to 330,000 EVs from 2021, making Zwickau the largest and most efficient EV factory in Europe. In the meantime, preparations for the production of its ID. EV models in China and the United States are well underway. Pre-production of the ID. family has already begun at the Anting plant in China.
Volkswagen anticipates that the first ID.3 electric cars will appear on Europe's roads in summer 2020.
The company plans to invest €33 billion in e-mobility throughout the group by 2024, which includes €11 billion in the Volkswagen brand.
Shares of Volkswagen have outperformed the Original post
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